Global Luxury Goods Market to Finish the Year Out Strong

Many industries around the world have suffered from the recession, but a recent study is suggesting that the global luxury goods market will see an increase in revenue to end out the year, with a boost from holiday spending. Bain & Company, a leading advisor to the global luxury goods industry, released its “Luxury Goods Worldwide Market Study” projecting a 10% growth for 2012, bringing revenues up to around €212 billion (approx. US$276.5 billion). This particular market has seen a consistent rise, with 2012 being the third consecutive year that revenues have grown in double digits. More specifically, Asia-Pacific sales are estimated to grow by 18%; The Americas will see a 13% increase; and Europe will experience a 5% growth in revenue. By 2015, Bain projects that the luxury goods market will continue its steady growth and bring overall revenue between €240 billion (approx. US$313 billion) and €250 billion (approx. US$326 billion).